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From the beach to the hills, it’s a good idea to protect your belongings with renters insurance in South Carolina. We looked into the top insurance providers to see which ones give you the best options for renters insurance. Keep reading to learn more.
Best Renters Insurance Providers in SC
To find the best renters insurance for your rental home or apartment, you should consider the cost as well as your coverage needs. You may need several other types of insurance, such as car or pet insurance, which could possibly be bundled to get a lower rate.
We researched some of the top renters insurance providers in South Carolina to find the best options for you. Our method involves reading real customer reviews, checking out 3rd-party ratings and looking at the overall offering from each company. Read on to see who made our list of the top insurance companies for renters insurance in South Carolina.
- Diminishing Deductible Option
1. Best Overall: American Family Insurance
American Family Insurance is a large provider of insurance products nationwide, including car, homeowners and renters insurance. The company won the 2019 J.D. Power Renters Insurance Study award. The study looks at various renters insurance companies and rates them among their peers.
American Family received the highest possible rating in each category, including overall satisfaction, policy offerings and price. American Family also has an A rating from AM Best, showing they have excellent financial stability to pay claims.
- Customers who have existing policies with State Farm
2. Cheapest Renters Insurance in SC: State Farm
State Farm holds the largest market share of any property insurance company. This allows the company to offer deep discounts and affordable rates on renters insurance where other companies may have to charge more. There are several discounts available which can bring the price of a State Farm renters insurance policy down even more.
In addition to low rates, State Farm came in 2nd behind American Family in the J.D. Power Renters Insurance Study. The company ranked among the best in all rating categories like price and policy information.
- No Recent Claims
3. Best for Claims Satisfaction: Allstate
Allstate is one of the only companies to receive a top rating for claims satisfaction from J.D. Power during the 2019 Renters Insurance Study. The claims process from Allstate is straightforward. You can choose to file a claim 24/7 online, via the mobile app or over the phone.
You can also file a claim directly with your insurance agent during regular business hours. Additionally, Allstate holds an AM Best financial strength rating of A+, meaning the company has the funds available to pay your claim.
- Members of the armed forces and their families
4. Best for Military Members: USAA
USAA is only available for active military service members, retired veterans or honorably discharged veterans. You may also join USAA if you are a spouse, widow or child of a military member. If you’re a member of the military or an eligible relative, USAA offers some of the best rates and coverage for renters insurance in South Carolina.
Although USAA is not included in J.D. Power’s official award rankings, USAA is rated among the best in every category.
Renters Insurance in South Carolina: An Overview
Renters insurance is a type of insurance coverage that helps protect your belongings when you rent a house or apartment. It’s often an easy and inexpensive way to keep your things safe from disasters like fires or theft.
Many landlords won’t require you to have renters insurance. However, some have a landlord insurance policy that may encourage them to require you to carry renters coverage. In this case, you’ll probably need to find renters insurance before you can move into your rental in South Carolina.
Regardless of whether your landlord requires insurance, it’s still a good idea to purchase a renters policy. It may also help show potential landlords that you’re a responsible renter. If you think ahead about protecting yourself with insurance, you probably respect your belongings and are more likely to respect the rental as well.
Average Annual Renters Insurance Premium in SC
If you’re like a lot of people, you might assume renters insurance is too big of an expense to add to your monthly expenditures. Surprisingly, renters insurance is one of the least expensive types of insurance you can buy. The average rate is about $15 per month. At that cost, you can probably swap one meal out for the protection of your possessions.
In South Carolina, renters insurance averages $188 per year. This is only a few dollars more than the national average of $185.
The actual cost of your renters insurance policy will depend on a number of factors. The location of your rental home or apartment is the biggest determining factor in your price. If you live in an area with low crime rates and great weather, your price is lower. If you live in an area of high crime and serious weather concerns, you can expect to pay a bit more.
Renters Insurance Discounts
Renters insurance can become even more affordable when you add discounts to your policy. Most renters insurance companies offer discounts to help you save money on insurance costs. Some of the most common discounts include:
- Multi-policy: This discount gives you a reduced rate on all of your insurance policies when you go through one provider. Often called bundling, multi-policy discounts can help you save on car insurance or other insurance policies in addition to your renters insurance.
- Security discounts: Does your rental have a security system or does your apartment complex have a gated entrance? You may be able to get a discount for extra security like alarms and gates. Sine renters insurance covers theft, the insurance company gives you a discount when you lower your risk of robbery with security alarms, camera systems and deadbolts on doors.
- Auto-pay: Many renters insurance companies offer a small discount when you sign up for automatic monthly payments. Not only do you get a discount on your renters insurance, but you also remove the hassle of manually paying your premium each month.
- Safety discounts: You can save money on your renters insurance simply by having a smoke detector or other safety devices in your rental. Safety devices could include smoke alarms, fire alarms or carbon monoxide detectors.
- Claims-free: Never filed a renters insurance claim? You could save money on your renters insurance premiums thanks to a clean insurance claims history.
Another way to save money on your renters insurance is to opt for a higher deductible. Your deductible is the amount of money you pay for covered damages before your insurance picks up the bill.
Renters Insurance Coverage Explained
Renters insurance is similar to homeowners insurance in South Carolina. The biggest difference is that renters insurance doesn’t cover the physical structure of your rental. Instead, renters insurance provides coverage for your belongings. It also covers your liability if an accident takes place at your rental.
Check out the common types of coverage that come with your renters insurance:
- Personal property coverage: The main reason to purchase renters insurance is to help pay for repairs or replacements if a covered accident damages your belongings. Personal property coverage includes reimbursement from accidents like fire, theft, vandalism or wind. Even property not in your rental usually has some coverage, so if your laptop is stolen from your car it’s still protected. Expensive items like jewelry may need additional coverage to cover their full value.
- Liability protection: Liability coverage is a lesser-known benefit of renters insurance. This protection helps cover the cost of bodily injury or property damage to another person while at your rental. If a guest trips over a chair and is injured, liability protection helps cover medical or legal costs.
- Additional living expenses: Additional living expenses coverage provides you with housing alternatives if your rental is destroyed in a covered accident. This coverage could pay for hotel stays, temporary rentals and some meal expenses while you cannot live in your regular rental.
Most Affordable Cities for Renters Insurance SC
Much of South Carolina is exposed, both directly and indirectly, to the coast and the severe weather it can bring. It’s no surprise some of the most affordable renters insurance is found in northwestern South Carolina, far away from the Atlantic. The top 5 most affordable cities include:
- Greer
- Taylors
- Simpsonville
- Easley
- Anderson
Most Expensive Cities for Renters Insurance SC
Several of the most expensive cities for renters insurance are along the coast. Crime can also increase the cost of renters insurance. The most expensive cities for renters insurance include:
- Gaffney
- Orangeburg
- Summerville
- Clemson
- Sumter
Get Renters Coverage Today
Personal property protection and liability coverage from renters insurance could potentially save you thousands of dollars. With the affordability of renters insurance, it’s always a good idea to protect your belongings and yourself from accidents, vandalism or theft.
Get the coverage you need and find renters insurance quotes in South Carolina today.
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Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.